저자: JoelGreenblatt소개형식의영상,출연자소속미상 · 외국인
요약 보기
영상은 Joel Greenblatt의 마법공식(Magic Formula)을 소개한다. 핵심은 공식 자체보다 투자자의 규율과 인내심이다. 공식은 자본수익률(ROC)로 기업 품질을, 이익수익률(Earnings Yield)로 저평가 여부를 보고 두 순위를 합산해 상위 종목에 투자하는 방식이다. 전략이 일정 기간 시장을 하회할 수 있으며, 이때 포기하는 것이 실패의 원인이라고 강조한다. 특정 자산에 대한 가격 방향 예측은 없다.
다듬은 글
Well, what if you could beat the stock market using a very simple formula? It sounds quite surprising, doesn't it? But Jewel Green Blade's famous magic formula promises exactly this. So in today's episode, let's find out what this formula actually is and where its real secret lies. In fact, this is the main question: can there really be any method for an ordinary investor that will leave behind the tricks of all the big experts?
Finding the answer to this question will be the main goal of our journey today. And the quote on this slide gives a great hint. The real secret is not just in mathematics, it's in the mindset. Success lies in the ability to think outside the box. See, the biggest obstacle to investing is not the market, but our own emotions.
And this is exactly where most people make the mistake. The Green Bladder Formula attempts to solve this very problem. The problem is right here. Look, we all want to make good profits. But I do n't want to take any risks or uncertainties with that. There is also a thrill of getting results quickly.
It is a conflict between these three things that gives rise to wrong decisions. This slide will make things clearer. Look, on the one hand, there are all the decisions made on the basis of emotion, which are often quite harmful. And on the other hand, there is a reasonable patient approach. Which greatly increases the chances of success in the long run.
So the question is, what is the way out of this mental trap? The answer is the magic formula. It is a systematic and logical tool that greatly helps in making investment decisions. Well, a great business is always a great investment. What does it mean to buy a cheap stock again ? Will that be profitable?
These two questions are the main dilemma of value investing. And the Green Blood formula provides a very simple solution to both of these problems. Let's see how. So the first part of the formula is to verify the quality of the business. It means seeing return on capital. If a company has a high return on capital, it means that the company is generating profits very efficiently from the money it invests.
You can think of it as a fertile land. Where each seed yields many more crops. Simply put, it's a great business. And the second part of the formula is to verify the price. Which is called earnings yield. This simply tells us how much profit the company is actually making compared to the price at which we are buying the stock.
This can be said to be the exact opposite of the P-by-Ratio. The higher the earnings shield, the more likely the stock is to be cheap or undersold. And the process of combining these two ideas is very logical. See Step 1. All companies are ranked based on their quality, meaning return on capital. In step two, the same companies are again ranked according to their price-earnings yield.
Then, in step three, these two rankings are combined together to create a final score. And finally, a portfolio is created with those who are at the top of this combined ranking. But here comes the most important mode of the story. The real challenge is not using the formula. The real challenge is to trust it.
Especially when it seems like it's not working anymore. Greenblad is very clear that this strategy will underperform the market for a while, and that's normal. But the real test of an investor is this. Let's take a look at these four. Here it is shown that the strategy may have worked great one year, but the next year it seems to have lagged the market, and it's in this second year that most people get frustrated and give up on the method.
And this is the real trick. The reason for the failure is not strategic but behavioral. People abandon a proven method at exactly the time when patience was needed most. So what is real magic? But that's not the formula. The real magic is the investor's discipline and patience. Let's move on to the very last step of this discussion.
The points on this slide are the essence of the entire book. It's not just about investing, it's about our behavior. Success depends on following a reasonable process. And it's about believing in your heart that bad times will come. And the real task is to maintain confidence in your strategy even during those difficult times.
This one sentence sums up Greenat's entire philosophy at once. Investing is not really a game of excitement. This is a reasonable and patient process. And you know what the best thing is? You do n't need to be an expert to be successful with this method. The hero of this story could be any ordinary investor.
Whose greatest strength is his patience and discipline. Ultimately, the question comes down to this. The Green Blood formula might help you find the right stocks. But the real challenge is becoming the investor who can give this strategy enough time to work. And this is where every investor has to face themselves.
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